Thomas & Betts 4Q Sales Decline 13.8%
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Full year 2009 sales were $1.9 billion, down 23.2% compared to 2008. Profit declined 59.3% to $107.9 million.
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Fourth quarter 2009 Electrical sales were $391.3 million, down 15.8% compared to the prior-year period. For the full year, sales decreased 26.1% to $1.6 billion. The decrease is due to weak global market conditions and lower volumes across virtually all market segments and geographies. Electrical segment earnings were $75.7 million in the fourth quarter and $270.2 million for the full year 2009. This compares to $90.6 million in the fourth quarter and $416.7 million for the full year 2008.
Fourth quarter 2009 Steel Structures sales were $66.6 million, down slightly compared to the prior-year period. Sales for both the current and prior-year quarters were positively impacted by delayed shipments of approximately $6 million from the preceding quarter. Full year 2009 sales were $234.5 million, up slightly year over year.
Steel Structures segment earnings were $10.8 million in the fourth quarter and $47.4 million for the full year 2009. This compares to $14.7 million in the fourth quarter and $44.3 million for the full year 2008.
Fourth quarter and full year 2009 HVAC segment sales were $34.9 and $109.9 million, a decline of 10.8% and 21.0% respectively. HVAC earnings were $6.7 million in the fourth quarter and $18.2 million for the full year 2009. This compares to $8.5 million in the fourth quarter and $25.7 million for the full year 2008.
Thomas & Betts Corp. is a designer and manufacturer of electrical components used in industrial, commercial, communications and utility markets.
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